Global Macro, Economics, and Monetary Policy by Frederik Ducrozet

Frederik Ducrozet is Head of Macroeconomic Research at Pictet Wealth Management, where his work guides portfolio allocation for high-net-worth and institutional clients. Prior to joining Pictet in 2019, he served as a strategist at Banque Pictet and Crédit Agricole, focusing on euro area policy and financial markets. Ducrozet’s commentary on ECB policy, inflation trends, and digital assets regularly appears in Financial Times, Bloomberg, and Reuters, with readership spanning tens of thousands. His professional insights are shared with more than 150,000 Twitter followers, many of whom are asset managers and policymakers.

Ducrozet contributes to academic forums such as the ECB Shadow Council and frequently lectures at industry events with audiences exceeding 500 participants. Annual compensation, combining base salary, research incentives, and honoraria, is estimated in the upper six-figure euro range. His recent reports discuss the growing role of CBDCs and stablecoins in the monetary system, highlighting policy challenges and market opportunities. With a strong international presence, Ducrozet is widely regarded as one of Europe’s most reliable macro strategists bridging central banking and digital finance.

  • Mikhail Vnuchkov
  • 27 min ago
Frederik Ducrozet: Klaas Knot outlines willingness to design new ECB tool if needed
Klaas Knot said he would pursue a strategy of "principled pragmatism" if he were to become president of the European Central Bank, stating that the ECB would not hesitate to intervene should ...
  • Ksenia Gerey
  • 06.10.2026
French budget deficit at €159.6bn after August, Frederik Ducrozet notes
Frederik Ducrozet reports that France's budget deficit remained broadly stable through August, standing at €159.6 billion compared to €157.5 billion in 2025. Fiscal revenues increased by ...
  • Eugene Komchuk
  • 02.10.2026
Frederik Ducrozet: European inflation remains persistent as core matches ECB projections
Frederik Ducrozet highlights continued challenges on the European inflation front, noting that the situation worsens the longer it persists. Ducrozet adds that, despite the broader negative ...
  • Pavlo Kot
  • 30.09.2026
French government borrowing set to rise to €340bn in 2027, Frederik Ducrozet warns
Frederik Ducrozet highlights a shift in the regime for French government bond spreads as the recent rates sell-off exposes their vulnerabilities. Ducrozet points to a combination of political ...
  • Yaroslav Dmytrenko
  • 11.09.2026
Frederik Ducrozet: CPI adjustment from wireless telecom impacted Fed’s rate decision
Frederik Ducrozet highlights that a one-off adjustment in wireless telecom services, specifically AT&T, contributed 12 basis points to core CPI. Ducrozet suggests that this adjustment may have ...
  • Oksana Koneva
  • 03.09.2026
Swiss GDP grows 1.9 percent QoQ in Q2, Frederik Ducrozet notes
Frederik Ducrozet reports that Swiss real GDP increased by 1.9 percent quarter-on-quarter in the second quarter, with output in the chemical and pharmaceutical industry surging by 10.5 percent. ...
  • Andrey Mastykin
  • 07.08.2026
Frederik Ducrozet: U.S. labor market not driving wage or inflation pressures
Frederik Ducrozet observes that the U.S. labor market is not contributing to wage or inflation pressures. He emphasizes that this remains the most important takeaway regarding current economic ...
  • Eugene Komchuk
  • 01.07.2026
Burden of proof for ECB shifts to stronger evidence needed for a hike, Frederik Ducrozet notes
Frederik Ducrozet highlights that the burden of proof is likely to reverse for the European Central Bank regarding additional interest rate hikes. He notes that, as Pierre Wunsch recently ...
  • Elena Nikulina
  • 30.06.2026
Frederik Ducrozet: French services inflation eases to 1.8 percent in June
Frederik Ducrozet reports that French services inflation eased to 1.8 percent in June. He adds that German Länder CPI data still show upward pressure on transport and tourism-related services ...
  • Eugene Komchuk
  • 23.06.2026
Euro area inflation cooled ahead of MoU, Frederik Ducrozet notes
Frederik Ducrozet highlights that price pressures in the euro area were already beginning to ease before the recent ceasefire. According to Ducrozet, most responses in the June flash PMI were ...
  • Artem Shendetskii
  • 15.06.2026
Frederik Ducrozet: Central banks take divergent stances on interest rates this week
Frederik Ducrozet highlights a significant week for central banks, with key policy decisions across major economies. Ducrozet notes that the Federal Reserve, Reserve Bank of Australia, Riksbank, ...
  • Anastasiia Chabaniuk
  • 11.06.2026
ECB hikes rates and adjusts projections, Frederik Ducrozet notes
Frederik Ducrozet reports that the European Central Bank (ECB) has increased interest rates for the first time since September 2023. According to Ducrozet, inflation projections have been revised ...
  • Ivan Andriyenko
  • 02.06.2026
Frederik Ducrozet: Weak inflation data raises concern for ECB outlook
Frederik Ducrozet highlights a significant setback for the European Central Bank due to an unexpectedly bad inflation report. Services inflation rose by 50 basis points, sharply exceeding both ...
  • Yulia Slavina
  • 21.05.2026
French output and employment sharply decline, Frederik Ducrozet warns
Frederik Ducrozet reports that French PMIs have experienced one of the largest decreases in output and employment outside of the covid period and the sovereign debt crisis. He also observes that ...
  • Andreas Kristo
  • 20.05.2026
Frederik Ducrozet: War shifts focus from BoE rate cut debate
Frederik Ducrozet suggests that, if not for the ongoing war, discussions would be centered on how many interest rate cuts the Bank of England might implement in the coming months. Ducrozet points ...